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Corporate

Environmental

Environmental

Our environmental lawyers have extensive experience advising and supporting clients on complicated environmental issues across a broad range of contexts, including mergers and acquisitions, debt and equity offerings, bank loans and other business transactions. We also advise corporate clients and their boards of directors on evolving, and often novel, challenges and opportunities associated with environmental, social and governance (ESG) issues, sustainability concerns and climate change. In addition, we represent clients in complex environmental litigation and investigations, including those relating to remediation matters, climate change and indemnification disputes.

Environmental matters facing businesses are increasingly complex and sophisticated, both legally and scientifically. They often involve difficult technical and regulatory issues that can have significant effects on both day‑to‑day operations and strategic business decisions. As public awareness and investor expectations continue to increase with respect to the management and reporting of such matters, companies must address risks that can impact their financial and reputational core.

We are frequently engaged to assist clients in identifying, assessing and allocating environmental liabilities in corporate transactions, including addressing legal challenges relating to environmental regulatory issues, remediation and other liability matters and SEC environmental disclosure requirements. This also includes the management of significant post‑closing environmental indemnification obligations and legacy liabilities, such as mass toxic tort matters, and resolving environmental‑related contractual disputes. We also regularly advise clients on sustainability reporting and ESG‑related shareholder engagement and proxy matters. Our experience in virtually every industry enables us to understand the long‑term operational and strategic needs of our clients as well as industry‑wide trends and practices, and we use that knowledge to help develop practical solutions to environmental problems and to use environmental opportunities to their best advantage.

Cravath has been ranked as a top‑tier firm for our environmental transactional expertise by Chambers USA since its inception in 2003, and the publication quotes clients as saying:

    • Cravath’s environmental practice is “superb” for its “breadth and depth of resources, expertise and flexibility.”
    • “There is a total focus on the client and the service is extraordinary.”
    • “They are timely and proactive, acting essentially as an in‑house resource at times, but with a very good understanding of market standards and the ever‑changing regulatory landscape.”
    • Cravath’s environmental lawyers are “very responsive and pragmatic.”
    • “They solve problems, are always available and provide a prompt service.”
    • “Outstanding service provided in complex deals.”
    • “The firm is very service-oriented, does a good job with staffing, is responsive and communicates well.”

With respect to environmental‑related litigation, which often can involve high‑stakes disputes across multiple forums and involve novel and varied legal theories, Cravath’s litigators are ideally positioned to secure results that can reshape legal and business landscapes for our clients. In defending against these actions, we draw on our technical knowledge to comprehensively address the substantive claims, while our generalist litigation training equips us with the skills to simultaneously manage, coordinate and direct a successful defense, often of numerous concurrent actions.

 

Environmental matters facing businesses are increasingly complex and sophisticated, both legally and scientifically. They often involve difficult technical and regulatory issues that can have significant effects on both day‑to‑day operations and strategic business decisions. As public awareness and investor expectations continue to increase with respect to the management and reporting of such matters, companies must address risks that can impact their financial and reputational core.

We are frequently engaged to assist clients in identifying, assessing and allocating environmental liabilities in corporate transactions, including addressing legal challenges relating to environmental regulatory issues, remediation and other liability matters and SEC environmental disclosure requirements. This also includes the management of significant post‑closing environmental indemnification obligations and legacy liabilities, such as mass toxic tort matters, and resolving environmental‑related contractual disputes. We also regularly advise clients on sustainability reporting and ESG‑related shareholder engagement and proxy matters. Our experience in virtually every industry enables us to understand the long‑term operational and strategic needs of our clients as well as industry‑wide trends and practices, and we use that knowledge to help develop practical solutions to environmental problems and to use environmental opportunities to their best advantage.

Cravath has been ranked as a top‑tier firm for our environmental transactional expertise by Chambers USA since its inception in 2003, and the publication quotes clients as saying:

    • Cravath’s environmental practice is “superb” for its “breadth and depth of resources, expertise and flexibility.”
    • “There is a total focus on the client and the service is extraordinary.”
    • “They are timely and proactive, acting essentially as an in‑house resource at times, but with a very good understanding of market standards and the ever‑changing regulatory landscape.”
    • Cravath’s environmental lawyers are “very responsive and pragmatic.”
    • “They solve problems, are always available and provide a prompt service.”
    • “Outstanding service provided in complex deals.”
    • “The firm is very service-oriented, does a good job with staffing, is responsive and communicates well.”

With respect to environmental‑related litigation, which often can involve high‑stakes disputes across multiple forums and involve novel and varied legal theories, Cravath’s litigators are ideally positioned to secure results that can reshape legal and business landscapes for our clients. In defending against these actions, we draw on our technical knowledge to comprehensively address the substantive claims, while our generalist litigation training equips us with the skills to simultaneously manage, coordinate and direct a successful defense, often of numerous concurrent actions.

 

  • Deals & Cases
  • Recent News & Insights

Deals & Cases

June 23, 2025

Illumina’s Acquisition of SomaLogic

On June 23, 2025, Illumina, Inc. (“Illumina”) announced it has entered into a definitive agreement with Standard BioTools under which Illumina will acquire SomaLogic, a leader in data‑driven proteomics technology, and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance‑based milestones and performance‑based royalties. Cravath is representing Illumina in connection with the transaction.

Deals & Cases

June 20, 2025

Burlington Northern Santa Fe, LLC’s Registered Notes Offering

Cravath represented Burlington Northern Santa Fe, LLC in connection with its $900 million registered notes offering. Burlington Northern Santa Fe, LLC is a holding company engaged primarily in railroad transportation through its ownership of its principal operating subsidiary, BNSF Railway Company. Burlington Northern Santa Fe, LLC is owned by Berkshire Hathaway. The transaction closed on June 6, 2025.

Deals & Cases

June 17, 2025

Galaxy Digital Inc.’s First SEC‑Registered Underwritten Offering of Class A Common Stock

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Deals & Cases

June 17, 2025

The Goodyear Tire & Rubber Company’s Registered High‑Yield Senior Notes Offering

Cravath represented the underwriters in connection with the $500 million registered high‑yield senior notes offering of The Goodyear Tire & Rubber Company, one of the world's leading manufacturers of tires, engaging in operations in most regions of the world. The transaction closed on June 3, 2025.

Deals & Cases

June 13, 2025

Aggreko’s $1.4 Billion and €850 Million High‑Yield Senior Secured Notes Offering and $1.195 Billion Revolving Credit Facility

Cravath represented the initial purchasers in connection with the $1.4 billion and €850 million Rule 144A/Reg. S high yield senior secured notes offering of Albion Financing 1 S.à r.l and Aggreko Holdings Inc., subsidiaries of Albion Holdco Limited (“Aggreko”), for the purpose of repaying all of Aggreko’s outstanding senior secured notes and senior notes, paying a dividend and repaying certain preference shares. The offering closed on May 21, 2025.

Activities

June 12, 2025

Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys

The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.

Activities

June 12, 2025

Michael Arnold Speaks at PLI’s ESG 2025: What It Means for Boards, Management, and Counsel Program

On June 10, 2025, Cravath partner Michael L. Arnold participated in “ESG 2025: What It Means for Boards, Management, and Counsel,” a program presented by the Practising Law Institute in New York. The program hosted a number of experts, including company management and in‑house and outside counsel, to review recent trends in the sustainability landscape and best practices for governance. Michael spoke on a panel entitled “Board Oversight of ESG,” which reviewed ESG developments and changes over the past year in board‑level oversight of ESG and gave advice to boards of directors in fulfilling their duties while navigating the ESG landscape.

Activities

June 06, 2025

Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas

The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.

Activities

April 14, 2025

Michael Arnold and Bill Podurgiel Speak at TGCF’s “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals” Program

On April 11, 2025, Cravath partner Michael L. Arnold and of counsel William D. Podurgiel participated in “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals,” a virtual program co‑hosted by Cravath and the Texas General Counsel Forum. The program reviewed key proxy season updates, including the impact of updated SEC guidance on ESG and shareholder engagement, responses to shareholder proposals under Staff Legal Bulletin 14M, updates to Schedule 13D and 13G reporting and new considerations in ESG disclosures.

Activities

March 20, 2025

Michael Arnold Joins Slaughter and May’s March 2025 Podcast to Discuss Evolving ESG Landscape

Cravath partner Michael L. Arnold was featured as a guest on the March 20, 2025 episode of Slaughter and May’s podcast, covering policy developments in the U.S. and E.U. In the interview, Michael discussed the evolving ESG landscape in the U.S., including international agreements, SEC climate rules and state‑level reporting developments.

Deals & Cases

June 23, 2025

Illumina’s Acquisition of SomaLogic

On June 23, 2025, Illumina, Inc. (“Illumina”) announced it has entered into a definitive agreement with Standard BioTools under which Illumina will acquire SomaLogic, a leader in data‑driven proteomics technology, and other specified assets for $350 million in cash payable at closing, subject to customary adjustments, plus up to $75 million in near-term performance‑based milestones and performance‑based royalties. Cravath is representing Illumina in connection with the transaction.

Deals & Cases

June 20, 2025

Burlington Northern Santa Fe, LLC’s Registered Notes Offering

Cravath represented Burlington Northern Santa Fe, LLC in connection with its $900 million registered notes offering. Burlington Northern Santa Fe, LLC is a holding company engaged primarily in railroad transportation through its ownership of its principal operating subsidiary, BNSF Railway Company. Burlington Northern Santa Fe, LLC is owned by Berkshire Hathaway. The transaction closed on June 6, 2025.

Deals & Cases

June 17, 2025

Galaxy Digital Inc.’s First SEC‑Registered Underwritten Offering of Class A Common Stock

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Deals & Cases

June 17, 2025

The Goodyear Tire & Rubber Company’s Registered High‑Yield Senior Notes Offering

Cravath represented the underwriters in connection with the $500 million registered high‑yield senior notes offering of The Goodyear Tire & Rubber Company, one of the world's leading manufacturers of tires, engaging in operations in most regions of the world. The transaction closed on June 3, 2025.

Deals & Cases

June 13, 2025

Aggreko’s $1.4 Billion and €850 Million High‑Yield Senior Secured Notes Offering and $1.195 Billion Revolving Credit Facility

Cravath represented the initial purchasers in connection with the $1.4 billion and €850 million Rule 144A/Reg. S high yield senior secured notes offering of Albion Financing 1 S.à r.l and Aggreko Holdings Inc., subsidiaries of Albion Holdco Limited (“Aggreko”), for the purpose of repaying all of Aggreko’s outstanding senior secured notes and senior notes, paying a dividend and repaying certain preference shares. The offering closed on May 21, 2025.

Activities

June 12, 2025

Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys

The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.

Activities

June 12, 2025

Michael Arnold Speaks at PLI’s ESG 2025: What It Means for Boards, Management, and Counsel Program

On June 10, 2025, Cravath partner Michael L. Arnold participated in “ESG 2025: What It Means for Boards, Management, and Counsel,” a program presented by the Practising Law Institute in New York. The program hosted a number of experts, including company management and in‑house and outside counsel, to review recent trends in the sustainability landscape and best practices for governance. Michael spoke on a panel entitled “Board Oversight of ESG,” which reviewed ESG developments and changes over the past year in board‑level oversight of ESG and gave advice to boards of directors in fulfilling their duties while navigating the ESG landscape.

Activities

June 06, 2025

Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas

The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.

Activities

April 14, 2025

Michael Arnold and Bill Podurgiel Speak at TGCF’s “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals” Program

On April 11, 2025, Cravath partner Michael L. Arnold and of counsel William D. Podurgiel participated in “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals,” a virtual program co‑hosted by Cravath and the Texas General Counsel Forum. The program reviewed key proxy season updates, including the impact of updated SEC guidance on ESG and shareholder engagement, responses to shareholder proposals under Staff Legal Bulletin 14M, updates to Schedule 13D and 13G reporting and new considerations in ESG disclosures.

Activities

March 20, 2025

Michael Arnold Joins Slaughter and May’s March 2025 Podcast to Discuss Evolving ESG Landscape

Cravath partner Michael L. Arnold was featured as a guest on the March 20, 2025 episode of Slaughter and May’s podcast, covering policy developments in the U.S. and E.U. In the interview, Michael discussed the evolving ESG landscape in the U.S., including international agreements, SEC climate rules and state‑level reporting developments.

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Cravath Bicentennial

Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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